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MODEL ANSWERS TO QUIZ 1: ALL SETS

BLUE SET

Question 1

1) Marketing is an activity, set of institutions and processes for creating, communicating,


delivering and exchanging offerings that have ____________ for customers, clients, partners and
society at large.
Answer: value

2) The section of the marketing plan that deals with the SWOT analysis defines organisational
_________, weaknesses, opportunities and threats.
Answer: strength

3) In the context of marketing research __________ records can usually be obtained more quickly
and cheaply than other information sources.
Answer: Internal/Company

4) Strategic planning refers to the _____________ of selecting an overall company strategy for long
run survival and growth.
Answer: task

(Not process)

5) ________ refer to strong internal stimulus that calls for action.


Answer: drives (Not Cues)

6) Marketing ___________ is the process that turns marketing strategies and plans into marketing
actions in order to accomplish strategic marketing objectives.
Answer: implementation

7) Need recognition by itself is not enough to trigger an action by a consumer ___________ is


needed to drive the consumer into action.
Answer: motivation


Question 2

Marketing Philosophy
Allan is a young marketing manager who promotes the idea of
developing new products that are environmentally friendly.
He seems to be a believer in
Boris is the plant manager at AllTech and believes that the
efficiency of his operation created value for his customers.
Boris is most closely aligned to .
Cordelia is plant manager at DressRight and believes her
constant improvements in clothing quality created value. Her
perspective fits best with .
Dora is the manager with Toys Town and advocates an
"outside-in" approach to meeting customer needs. Dora
practises .
Emma is campaign manager for a Green candidate in the
parliamentary election and pushed hard to get people to vote.
Emma's marketing management philosophy is most closely
aligned to

Corresponding marketing concept

The societal marketing


concept
The production concept
The product concept
The marketing concept
The selling concept.

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Question 3: Answer the FOUR questions below in the spaces provided (13 marks)


a. What are the major aspects highlighted in a good marketing definition? (3 marks)

1. Value creation for customer
2. Value exchange
3. Customer Relationship
4. Value capture from customers
To provide value to stakeholders.



b. What are the common areas in which marketing organisations turn its mission into
detailed objectives?







(3 marks)

The common areas in which marketing organisations turn its mission
into detailed objectives are (i) Sales, (ii) Profitability, (iii) Market
standing (market share); (iv) ROI; (v) Customer Satisfaction.


c. Distinguish between syndicated research and custom research.
(4 marks)

Syndicated research refers to data collected and compiled by
commercial research agencies on a regular basis and sold to several
interested firms.
Custom research refers to collection of primary data by an
organization to provide answers to specific questions faced by the
company.


d. List the stages of a consumers decision making process.

1. Problem (or Need) Recognition

(3 marks)

2. Information Search
3. Alternative Evaluation and Selection
4. Outlet Selection and Purchase
5. Post-purchase Dissonance

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GREEN SET

Question 1

1) Customerperceived ___________ is the difference between the values the customer gains from
owning and using a product and the costs of obtaining the product.
Answer: value

2) When considering the SWOT analysis section of the marketing plan, the ______ environment is
analysed when considering opportunities and threats.
Answer: macro- (or external)

3) Marketing __________ is the systematic collection and analysis of publicly available information
about competitors and developments in the marketing environment.
Answer: intelligence

4) Strategic planning refers to the ________ of developing and maintaining a strategic fit between
the organisations goals and capabilities and its changing marketing opportunities.
Answer: Process

(Not task)

5). _________ refer to minor stimuli determining when, where and how one responds
Answer: cues (Not drives)

6) The process that turns marketing strategies and plans into marketing actions in order to
accomplish strategic marketing objectives is known as marketing ___________.
Answer: implementation

7) The process by which people select, organise and interpret information to form a meaningful
picture of the world is known as __________.
Answer: perception

Question 2

Marketing Philosophy
Frederick believes that consumers will favour products
that are available and highly affordable. Frederick seems
to be a believer in ..
Gillian thinks that consumers will favour products that
offer the most quality, performance and innovative
features. Gillian is most closely aligned with .
Hanna subscribes to the idea that consumers wont buy
enough of his companys product unless it undertakes a
largescale selling effort. Hannas perspective fits best with
.
Ian believes that success in marketing depends on
determining the needs and wants of target markets and
delivering the desired satisfaction more effectively than
competitors. Ian subscribes to ..
Julie promotes the idea that good marketing means
balancing between shortrun consumer wants and long
run consumer welfare. She promotes ..

Corresponding marketing concept

The production concept


The product concept
The selling concept

The marketing concept


The societal marketing
concept.
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Question 3: Answer the FOUR questions below in the spaces provided. (13 marks)


a. What is the focus of MARK1012: micro or macromarketing? Define the focus.
(3 marks)
The focus of MARK1012 is micro-marketing, which is defined as
How an individual organization directs its marketing activities and
allocates its resources to benefit its customers.


b. What are the characteristics of good marketing objectives that companies set in
developing their strategies?





(3 marks)






Objectives that companies set in developing their strategies should be


SMART: Specific (S); Measureable(M); Attainable (A); Realistic ( R) and
Timely (T)


c. Distinguish between exploratory and descriptive research.

(4 marks)

Exploratory Research involves gathering preliminary information to


define the problem and suggest hypotheses.
Descriptive Research is conducted to describe aspects of marketing (or
markets), such as the market potential for a product.


d. List the types of consumer buying decisions.


1. Routine response behaviour

(3 marks)

2. Limited decision making


3. Extensive decision making

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YELLOW SET

1) A marketing organisations ______ proposition is the set of benefits or values it promises to
deliver to consumers to satisfy their needs.
Answer: value

2) When considering the SWOT analysis section of the marketing plan, the ______ environment is
analysed when considering strengths and weaknesses.
Answer: micro- (or internal)

3) Marketing __________ is the function that links consumer, customer and public to the marketer
through information that is used to identify and define marketing opportunities and problems.
Answer: research

4) Strategy follows a hierarchy; the first level in that hierarchy is the __________ level.
Answer: corporate (or functional, if considered from bottom up)

5) As consumers, our actions are influenced by our ________ of the situation.


Answer: perception.

6) Marketing implementation addresses the who, where, when and how; while marketing _______
addresses the what and why of marketing activities;
Answer: planning

7) An individuals consumer behaviour is influenced by__________, personal, cultural and social
influences.
Answer: psychological


Question 2

Marketing Philosophy
Paul thinks that consumers will favour products that offer
the most quality, performance and innovative features.
Paul is most closely aligned with .
Queeny maintains that consumers wont buy enough of his
companys product unless it undertakes a largescale
selling effort. Queenys perspective fits best with .
Regina believes that consumers will favour products that
are available and highly affordable. Regina seems to be a
believer in ..
Stan thinks that successful marketing involves determining
the needs and wants of target markets and delivering the
desired satisfaction more effectively than competitors.
Stan subscribes to ..
Tracy promotes the idea that good marketing means
balancing between shortrun consumer wants and long
run consumer welfare. She promotes ..

Corresponding marketing concept

The product concept


The selling concept
The production concept
The marketing concept
The societal marketing
concept.

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Question 3: Answer the FOUR questions below in the spaces provided (13 marks)


a. How are value, cost and satisfaction related? How consumer satisfaction contributes
to company profit?







(3 marks)

Value, cost and satisfaction define customers product choice set.
Their satisfaction is linked to value and translates into increased
customer loyalty (more repeat purchase) and positive customer word
of mouth (more new customers).


b. In a BCG growthshare matrix how the Star and Cash Cow categories of SBUs are
distinguished in terms of growth rate, market share and the strategy that marketers
adopt for each of them.




(4 marks)

1. Stars are characterised by high market share in a high growth
market. To support these SBUs, marketers can invest just enough
to hold its share.
2. Cash Cows are SBUS in high market share but low growth market.
The company can milk its short-term cash flow, or harvest. With
the correct strategy, Cash Cows may upgrade to Stars.

c. Define Focus Group and describe how it is selected.

(3 marks)

Focus group is a qualitative research technique. It involves a 1-3 hour
interview by a trained moderator in a non-structured and natural
manner with a small group of 8-12 homogenous, prescreened
respondents. Very widely used in marketing.

d. List the product characteristics that influence the rate of new product adoption.
(3 marks)
1. Relative advantage
2. Compatibility
3. Complexity
4. Divisibility
5. Communicability

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WH
HITE S
SET

Questio
on 1
1) One o
of the challeenges facing marketers aas we movee into the futture is changging custom
mer ______
and orieentations.
Answe
er: values

2) The ssection of th
he marketing
g plan that d
deals with th
he SWOT an
nalysis definnes organisattional
strength
h, weaknessses, opportunities and _________.
Answe
er: threats

3) Studiies involvingg a lot of peo


ople and utiilising statistical tools an
nd techniquues are know
wn as
__________ research.
Answe
er: quantittative

4) Strattegy follows a hierarchy


y; the third llevel in thatt hierarchy is the ___________ level.
Answe
er: function
nal (or co
orporate, iif consider
red bottom
m up)

5) An in
ndividuals _________descrribes his or h
her relativelly consistentt evaluationns, feelings a
and
tendenccies towardss an object o
or idea.
Answe
er: attitude
e

6) Mark
keting __________is the pro
ocess of meaasuring and evaluating tthe results oof marketing
g
strategies and plans, and taking
g correctivee action to en
nsure that m
marketing obbjectives are
e
d.
attained
Answe
er: control

7) Roless people maay play in the


e consumer buying proccess include
e initiator, innfluencer, ___________,
buyer and user.
Answe
er: decider
r

Questio
on 2

Marketing Philosop
phy
Usha prromotes the idea that go
ood marketiing means
balancin
ng between shortrun consumer waants and lon
ng
run con
nsumer welfaare. She pro
omotes ..
Vera maaintains thatt consumerss wont buy enough of h
his
compan
nys productt unless it un
ndertakes a largescale
selling eeffort. Verass perspectiv
ve fits best w
with .
William
m thinks thatt consumers will favour
r products th
hat
are avaiilable and hiighly afforda
able. Willia m seems to be a
believerr in ..
Xian bellieves that cconsumers w
will favour p
products thaat
offer thee most qualiity, perform
mance and in
nnovative
featuress. Xian is mo
ost closely alligned with .
Yasin th
hinks that su
uccessful ma
arketing invvolves
determiining the needs and wan
nts of targett markets an
nd
deliveriing the desirred satisfacttion more efffectively thaan
competiitors. Yasin subscribes tto ..

Corrrespondingg marketing concept

The societall marketiing


con
ncept.
The selling cconcept
The producttion conc
cept
The productt conceptt
The marketting conce
ept

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Question 3: Answer the FOUR short essay questions below. (13 marks)

a. A church has advertised in its weekly bulletins to encourage church members to

participate in the services by reading. Jack volunteered and read during a service
and felt satisfied; he felt he was contributing to his church. Was this a marketing
exchange? Why or why not?

(3 marks)
Yes. In this situation there are two parties (Church and Jack) and
each of them satisfies all the conditions of exchange. The Church gets
service; Jack gets satisfaction in return.

b. In the context of a BCG growthshare matrix, explain the SBUs identified as

Question mark in terms of growth rate, market share and the strategy that
marketers adopt to support the SBU.




(3 marks)

SBUs designated as Question Marks are characterised by their
relatively low market share in a high growth market. To support these
SBUs, marketers tend to invest in them to build their share. Each SBU
has a life cycle; SBUs change their positions in the growth-share
matrix with the passage of time. With the correct strategy, Cash Cows

may become Stars.


c. Distinguish between population and sample in the context of marketing research.

(4 marks)
Population in the context of research refers to all the people that are
of interest to the researcher. Samples, on the other hand, refer to
part of the population selected carefully in a particular fashion) to

conduct research and from that infer about the population.


d. List five characteristics of business markets.

(3 marks)

1. Fewer buyers
2. Larger Buyers
3. Close supplier-customer relationships
4. Geographically concentrated buyers
5. Derived demand
6. Inelastic demand
7. Fluctuating demand

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PINK SET

Question 1

1) One of the challenges facing marketers as we move into the future is changing customer ______
and orientations.
Answer: values

2) The section of the marketing plan that deals with the SWOT analysis defines organisational
strengths, weaknesses, _______ and threats.
Answer: opportunities

3) Studies involving a small number of individuals, such as focus groups or indepth oneonone
interviews, are known as _________ research.
Answer: qualitative

4) Strategy follows a hierarchy; the second level in that hierarchy is the __________ level.
Answer: SBU

5) An idividuals _______ is a descriptive thought or conviction that he/she has about something,
and involves holding an opinion.
Answer: belief

6) Marketing _______addresses the what and why of marketing activities; implementation


addresses the who, where, when and how.
Answer: planning

7) The tricomponent attitude model suggests that three main components are involved
cognitive, affective and _________.
Answer: conative


Question 2

Marketing Philosophy
Kevin is the marketing manager who always advocates an
"outsidein" approach to meeting customer needs. Kevin
practises .
Lara is campaign manager for a Labour candidate in the
parliamentary election and pushed hard to get people to
vote. Lara's marketing management philosophy is most
closely aligned to
Martha strongly believes that her company must focus on
developing environmentally friendly new products.
Martha seems to be a believer in
Nora believes that as a marketers can create value for
customers only through mass production and distribution
and selling cheap. Nora subscribes to .
Olga is plant manager at RightDress and believes her
constant improvements in clothing quality created value.
Her perspective fits best with .

Corresponding marketing concept

The marketing concept


The selling concept.

The societal marketing


concept
The production concept
The product concept

7|Page

Question 3: Answer the FOUR questions below in the spaces provided. (13 marks)

a. Briefly distinguish between needs, wants and demands with examples of each.
(3 marks)
Need: A state of felt deprivation of some basic satisfaction; not created by
society or by marketers. (examples: food, clothing, shelter).
Want: A desire for specific satisfiers of the deeper needs. Continually
shaped and reshaped by social forces such as families, religion, schools,
business organizations (Kosher meat, lactogen free milk)
Demands: Wants for specific products that are backed by an ability and
willingness to buy them. Buying a car that one can afford.

b. What do SWOT and PEST stand for? How marketers use them?


SWOT analysis is used to evaluate the companys strengths (S),

(3 marks)

weaknesses (W), opportunities (O), and threats (T).


PEST analyses refer to the analyses of external environment i.e., Political
(P), Economic (E), Social(S) and Technological (T) factors that can affect
the company.

c. Distinguish between qualitative and quantitative research.

(4 marks)

Qualitative Research: Studies involving a small number of individuals. The
primary tool is the focus group; includes online focus groups and
teleconferences and one-on-one interviews.
Quantitative Research: Studies involving many people. Samples of 100 or
more are usually considered quantitative. Survey research is the most
widely used tool in such research.

d. List the stages in the new product adoption process.

1. Awareness

(3 marks)

2. Interest
3. Evaluation
4. Trial
5. Adoption

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